Allowance Method for Accounting for Bad Debts At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $234,000, and the balance in Allowance for Doubtful Accounts was $4,000. EZ Tech's sales in 2017 were $1,760,000, 80% of which were on credit. Collections on account during the year were $1,120,000. The company wrote off $7,000 of uncollectible accounts during the year.

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Required:
1. Identify and analyze the sales during 2017.
2. How does this entry affect the accounting equation?
3. Identify and analyze the transactions related to the collections of cash during 2017.

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